Prelude Capital Management LLC Makes New $516,000 Investment in Pacific Biosciences of California, Inc. (NASDAQ:PACB)

Prelude Capital Management LLC acquired a new position in shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 88,851 shares of the biotechnology company’s stock, valued at approximately $516,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Oracle Investment Management Inc. grew its stake in Pacific Biosciences of California by 73.3% during the 3rd quarter. Oracle Investment Management Inc. now owns 1,393,165 shares of the biotechnology company’s stock valued at $8,087,000 after acquiring an additional 589,320 shares in the last quarter. Trellus Management Company LLC grew its stake in Pacific Biosciences of California by 37.5% during the 3rd quarter. Trellus Management Company LLC now owns 110,000 shares of the biotechnology company’s stock valued at $639,000 after acquiring an additional 30,000 shares in the last quarter. Great West Life Assurance Co. Can purchased a new position in Pacific Biosciences of California during the 3rd quarter valued at about $204,000. Bourne Lent Asset Management Inc. grew its stake in Pacific Biosciences of California by 4.5% during the 3rd quarter. Bourne Lent Asset Management Inc. now owns 584,150 shares of the biotechnology company’s stock valued at $3,391,000 after acquiring an additional 25,285 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Pacific Biosciences of California by 0.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,391,962 shares of the biotechnology company’s stock valued at $83,545,000 after acquiring an additional 46,477 shares in the last quarter. Institutional investors and hedge funds own 92.88% of the company’s stock.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 26,722 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total transaction of $254,660.66. Following the completion of the transaction, the insider now directly owns 640,808 shares in the company, valued at $6,106,900.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Oene Mark Van sold 26,722 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $9.53, for a total transaction of $254,660.66. Following the completion of the transaction, the insider now directly owns 640,808 shares in the company, valued at $6,106,900.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Susan G. Kim sold 5,045 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $9.49, for a total value of $47,877.05. Following the transaction, the insider now owns 323,505 shares of the company’s stock, valued at $3,070,062.45. The disclosure for this sale can be found here. Insiders sold 32,674 shares of company stock valued at $311,853 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. UBS Group assumed coverage on Pacific Biosciences of California in a research note on Thursday, February 2nd. They set a “neutral” rating and a $13.00 target price on the stock. Scotiabank initiated coverage on Pacific Biosciences of California in a research note on Wednesday, January 4th. They issued a “sector outperform” rating and a $12.00 price target for the company. Piper Sandler lowered their price target on Pacific Biosciences of California from $11.00 to $10.00 in a research note on Wednesday, February 22nd. Cantor Fitzgerald cut Pacific Biosciences of California from an “overweight” rating to a “neutral” rating and set a $12.00 price target for the company. in a research note on Friday, January 20th. They noted that the move was a valuation call. Finally, Canaccord Genuity Group boosted their price target on Pacific Biosciences of California from $12.00 to $14.00 in a research note on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.50.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock opened at $8.30 on Monday. The company has a quick ratio of 3.04, a current ratio of 3.24 and a debt-to-equity ratio of 1.59. The stock has a 50 day moving average price of $10.15 and a two-hundred day moving average price of $8.65. Pacific Biosciences of California, Inc. has a 12-month low of $3.85 and a 12-month high of $14.20.

Pacific Biosciences of California (NASDAQ:PACB – Get Rating) last announced its earnings results on Thursday, February 16th. The biotechnology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $27.35 million for the quarter, compared to the consensus estimate of $27.29 million. Pacific Biosciences of California had a negative return on equity of 47.73% and a negative net margin of 244.93%. The firm’s revenue for the quarter was down 24.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.30) EPS. As a group, equities analysts predict that Pacific Biosciences of California, Inc. will post -1.24 EPS for the current year.

Pacific Biosciences of California Profile

(Get Rating)

Pacific Biosciences of California, Inc engages in the development, manufacture, and marketing of advanced sequencing solutions for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific. The company was founded by Stephen Turner and Joseph Vincent Bonventre on July 14, 2000 and is headquartered in Menlo Park, CA.